N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3855

Fidelity Advisor Series VIII
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

December 31

Date of reporting period:

March 31, 2007

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Advisor Emerging Markets Income Fund
Class A
Class T
Class B
Class C
Institutional Class

March 31, 2007

1.799872.103

EMI-QTLY-0507

Investments March 31, 2007 (Unaudited)

Showing Percentage of Net Assets

Nonconvertible Bonds - 17.2%

Principal
Amount (d)

Value

Argentina - 0.7%

Inversiones y Representaciones SA 8.5% 2/2/17 (f)

$ 530,000

$ 529,338

Telecom Personal SA 9.25% 12/22/10 (f)

1,305,000

1,363,725

TOTAL ARGENTINA

1,893,063

Bahamas (Nassau) - 0.3%

Odebrecht Overseas Ltd. 9.625%

730,000

762,850

Brazil - 0.1%

Bertin Ltda 10.25% 10/5/16 (f)

345,000

378,983

Cayman Islands - 0.6%

Banco Safra SA 10.875% 4/3/17 (f)

BRL

1,075,000

515,126

CFG Investment SAC 9.25% 12/19/13 (f)

720,000

752,400

Minerva Overseas Ltd. 9.5% 2/1/17 (f)

535,000

545,031

TOTAL CAYMAN ISLANDS

1,812,557

Chile - 0.2%

Corporacion Nacional del Cobre (Codelco) 6.15% 10/24/36 (f)

605,000

618,224

Dominican Republic - 0.5%

Cap Cana SA 9.625% 11/3/13 (f)

985,000

1,029,325

Cerveceria Nacional Dominicana C por A 16% 3/27/12 (f)

500,000

534,751

TOTAL DOMINICAN REPUBLIC

1,564,076

Germany - 1.3%

Dresdner Bank AG 10.375% 8/17/09

290,000

312,475

JSC Severstal 9.25% 4/19/14 (Issued by Citigroup Global Markets Deutschland AG for JSC Severstal) (f)

1,150,000

1,249,188

Kyivstar GSM:

7.75% 4/27/12 (Issued by Dresdner Bank AG for Kyivstar GSM) (f)

1,340,000

1,390,250

10.375% 8/17/09 (Issued by Dresdner Bank AG for Kyivstar GSM) (f)

855,000

921,263

TOTAL GERMANY

3,873,176

Indonesia - 0.3%

APP International Finance (Mauritius) Ltd.:

0% 7/5/01 (c)(f)

1,235,000

30,875

0% 7/5/01 (Reg. S) (c)

445,000

11,125

Majapahit Holding BV 7.25% 10/17/11 (f)

710,000

728,638

TOTAL INDONESIA

770,638

Nonconvertible Bonds - continued

Principal
Amount (d)

Value

Ireland - 0.2%

Red Arrow International Leasing 8.375% 3/31/12

RUB

15,909,939

$ 633,679

Korea (South) - 0.4%

Hanarotelecom, Inc. 7% 2/1/12 (f)

1,260,000

1,275,750

Luxembourg - 4.0%

Millicom International Cellular SA 10% 12/1/13

1,130,000

1,234,525

Mobile Telesystems Finance SA:

(Reg. S) 8.375% 10/14/10

710,000

752,600

8% 1/28/12

1,580,000

1,670,850

8% 1/28/12 (f)

1,576,000

1,666,620

8.375% 10/14/10 (f)

495,000

524,700

Norilsk Nickel Finance Luxembourg SA 7.125% 9/30/09

810,000

834,300

Orascom Telecom Finance SCA 7.875% 2/8/14 (f)

1,040,000

1,021,654

RSHB Capital SA:

6.97% 9/21/16 (e)

530,000

541,925

7.175% 5/16/13 (f)

610,000

643,550

Vimpel Communications 8.25% 5/23/16 (Issued by UBS Luxembourg SA for Vimpel Communications)

3,065,000

3,264,225

TOTAL LUXEMBOURG

12,154,949

Malaysia - 1.5%

Petroliam Nasional BHD (Petronas) 7.625% 10/15/26 (Reg. S)

2,050,000

2,503,050

Petronas Capital Ltd. 7.875% 5/22/22 (Reg. S)

1,640,000

2,017,200

TOTAL MALAYSIA

4,520,250

Mexico - 1.7%

Cablemas SA de CV 9.375% 11/15/15

1,025,000

1,142,875

Gruma SA de CV 7.75%

1,705,000

1,760,413

Urbi, Desarrollos Urbanos, SA de CV 8.5% 4/19/16 (f)

660,000

719,400

Vitro SAB de CV:

8.625% 2/1/12 (f)

750,000

763,125

9.125% 2/1/17 (f)

720,000

732,600

TOTAL MEXICO

5,118,413

Multi-National - 0.2%

Inter-American Development Bank 6.625% 4/17/17

PEN

1,700,000

548,755

Netherlands - 0.9%

Bulgaria Steel Finance BV 12% 5/4/13 unit

EUR

600,000

585,080

Nonconvertible Bonds - continued

Principal
Amount (d)

Value

Netherlands - continued

Majapahit Holding BV 7.75% 10/17/16

$ 670,000

$ 701,825

PT Indosat International Finance Co. BV 7.125% 6/22/12 (f)

1,445,000

1,466,675

TOTAL NETHERLANDS

2,753,580

Pakistan - 0.2%

Pakistan Mobile Communications Ltd. 8.625% 11/13/13 (f)

660,000

686,400

Singapore - 0.2%

Empire Capital Resources Pte. Ltd. 9.375% 12/15/11 (f)

700,000

738,500

Tunisia - 0.2%

Banque Centrale de Tunisie 7.375% 4/25/12

660,000

716,958

United Kingdom - 0.6%

Credit Suisse First Boston International 8% 11/6/15 (f)

1,320,000

1,405,523

Standard Bank PLC 8.125% 9/30/09

500,000

506,250

TOTAL UNITED KINGDOM

1,911,773

United States of America - 2.7%

Freeport-McMoRan Copper & Gold, Inc. 8.25% 4/1/15

1,430,000

1,537,250

Pemex Project Funding Master Trust:

6.625% 6/15/35

2,020,000

2,080,600

7.375% 12/15/14

1,620,000

1,789,290

8.625% 2/1/22

2,200,000

2,733,500

TOTAL UNITED STATES OF AMERICA

8,140,640

Venezuela - 0.4%

Petrozuata Finance, Inc.:

7.63% 4/1/09 (f)

445,497

444,383

8.22% 4/1/17 (f)

825,000

837,375

TOTAL VENEZUELA

1,281,758

TOTAL NONCONVERTIBLE BONDS

(Cost $52,280,297)

52,154,972

Government Obligations - 74.3%

Argentina - 4.5%

Argentine Republic:

discount (with partial capitalization through 12/31/13) 8.28% 12/31/33

3,161,190

3,679,625

par 1.33% 12/31/38 (g)

5,140,000

2,659,950

Government Obligations - continued

Principal
Amount (d)

Value

Argentina - continued

Argentine Republic: - continued

5.475% 8/3/12 (g)

$ 4,361,250

$ 4,137,227

8.375% 12/20/49 (c)

1,670,000

584,500

11% 10/9/49 (c)

390,000

140,400

11.6719% 2/20/08 (g)

ARS

4,491,874

1,465,040

11.75% 4/7/09 (c)

545,000

198,925

Gross Domestic Product Linked Security 12/15/35 (h)

5,470,000

753,219

TOTAL ARGENTINA

13,618,886

Belize - 0.2%

Belize Government 4.25% 2/20/29 (e)(f)

549,700

467,245

Brazil - 13.2%

Brazilian Federative Republic:

7.125% 1/20/37

2,965,000

3,273,360

7.875% 3/7/15

1,305,000

1,485,090

8% 1/15/18

3,055,000

3,449,095

8.25% 1/20/34

3,625,000

4,529,438

8.75% 2/4/25

3,380,000

4,334,850

8.875% 10/14/19

1,650,000

2,079,000

8.875% 4/15/24

2,150,000

2,778,875

10.125% 5/15/27

920,000

1,336,300

10.5% 7/14/14

985,000

1,267,203

11% 8/17/40

5,115,000

6,892,463

12.25% 3/6/30

1,655,000

2,850,738

12.5% 1/5/16

BRL

5,270,000

2,924,518

12.75% 1/15/20

1,780,000

2,848,000

TOTAL BRAZIL

40,048,930

Colombia - 2.6%

Colombian Republic:

7.375% 9/18/37

1,180,000

1,283,840

8.125% 5/21/24

330,000

385,110

10.375% 1/28/33

525,000

759,675

10.75% 1/15/13

1,010,000

1,252,400

11.75% 3/1/10

COP

2,148,000,000

1,038,687

11.75% 2/25/20

2,208,000

3,245,760

TOTAL COLOMBIA

7,965,472

Government Obligations - continued

Principal
Amount (d)

Value

Dominican Republic - 1.2%

Dominican Republic:

9.04% 1/23/18 (f)

$ 1,076,582

$ 1,243,452

9.5% 9/27/11

2,173,737

2,336,768

TOTAL DOMINICAN REPUBLIC

3,580,220

Ecuador - 1.5%

Ecuador Republic:

9.375% 12/15/15 (f)

770,000

736,120

10% 8/15/30 (Reg. S)

3,370,000

2,999,300

12% 11/15/12 (f)

102,000

98,430

12% 11/15/12 (Reg. S)

652,800

629,952

TOTAL ECUADOR

4,463,802

El Salvador - 1.0%

El Salvador Republic:

7.65% 6/15/35

840,000

958,440

7.75% 1/24/23 (Reg. S)

750,000

862,500

8.25% 4/10/32 (Reg. S)

445,000

538,005

8.5% 7/25/11 (Reg. S)

620,000

685,100

TOTAL EL SALVADOR

3,044,045

Indonesia - 1.8%

Indonesian Republic:

6.75% 3/10/14

555,000

579,309

7.5% 1/15/16 (f)

2,595,000

2,851,386

8.5% 10/12/35 (f)

1,760,000

2,160,400

TOTAL INDONESIA

5,591,095

Iraq - 0.5%

Republic of Iraq 5.8% 1/15/28 (f)

2,225,000

1,440,688

Ivory Coast - 0.7%

Ivory Coast:

Brady past due interest 2% 3/30/18 (Reg. S) (c)(g)

3,572,000

964,440

FLIRB 2.5% 3/29/18 (Reg. S) (c)(g)

4,370,000

1,158,050

TOTAL IVORY COAST

2,122,490

Lebanon - 2.2%

Lebanese Republic:

7.125% 3/5/10

1,245,000

1,201,425

7.875% 5/20/11 (Reg. S)

940,000

923,550

8.6044% 11/30/09 (f)(g)

1,130,000

1,127,175

8.6044% 11/30/09 (g)

320,000

319,200

Government Obligations - continued

Principal
Amount (d)

Value

Lebanon - continued

Lebanese Republic: - continued

10.125% 8/6/08

$ 705,000

$ 719,981

10.25% 10/6/09 (Reg. S)

630,000

656,775

11.625% 5/11/16 (Reg. S)

1,560,000

1,836,900

TOTAL LEBANON

6,785,006

Mexico - 5.7%

United Mexican States:

5.875% 1/15/14

1,485,000

1,529,550

6.625% 3/3/15

1,254,000

1,354,320

6.75% 9/27/34

1,365,000

1,488,533

7.5% 4/8/33

2,260,000

2,689,400

8.125% 12/30/19

1,030,000

1,264,325

8.3% 8/15/31

2,600,000

3,350,100

11.375% 9/15/16

1,439,000

2,062,807

11.5% 5/15/26

2,240,000

3,662,400

TOTAL MEXICO

17,401,435

Pakistan - 0.5%

Islamic Republic of Pakistan:

6.75% 2/19/09

445,000

447,225

7.125% 3/31/16 (f)

485,000

494,700

Pakistan International Sukuk Co. Ltd. 7.6% 1/27/10 (g)

590,000

603,275

TOTAL PAKISTAN

1,545,200

Panama - 0.6%

Panamanian Republic:

7.125% 1/29/26

655,000

707,400

8.875% 9/30/27

900,000

1,145,250

TOTAL PANAMA

1,852,650

Peru - 2.0%

Peruvian Republic:

7.35% 7/21/25

1,330,000

1,513,540

8.75% 11/21/33

735,000

966,525

9.875% 2/6/15

1,415,000

1,799,173

euro Brady past due interest 6.125% 3/7/17 (g)

1,741,050

1,736,697

TOTAL PERU

6,015,935

Philippines - 7.2%

National Power Corp. 6.875% 11/2/16 (f)

695,000

708,031

Government Obligations - continued

Principal
Amount (d)

Value

Philippines - continued

Philippine Republic:

7.75% 1/14/31

$ 2,345,000

$ 2,643,988

8.875% 3/17/15

1,665,000

1,952,213

9% 2/15/13

3,360,000

3,859,968

9.375% 1/18/17

1,690,000

2,082,925

9.5% 2/2/30

3,155,000

4,188,263

9.875% 1/15/19

2,645,000

3,412,050

10.625% 3/16/25

2,070,000

2,939,400

TOTAL PHILIPPINES

21,786,838

Russia - 10.4%

Russian Federation:

5% 3/31/30 (Reg. S) (e)

20,059,200

22,767,181

11% 7/24/18 (Reg. S)

2,247,000

3,241,298

12.75% 6/24/28 (Reg. S)

2,964,000

5,379,660

TOTAL RUSSIA

31,388,139

Serbia & Montenegro - 0.3%

Republic of Serbia 3.75% 11/1/24 (e)(f)

1,015,000

960,495

Sri Lanka - 0.2%

Government of the Democratic Socialist Republic of Sri Lanka 9.75% 4/1/08

LKR

59,100,000

519,684

Turkey - 8.0%

Turkish Republic:

6.875% 3/17/36

2,855,000

2,727,953

7% 9/26/16

2,775,000

2,820,094

7.375% 2/5/25

730,000

748,980

8% 2/14/34

2,545,000

2,772,778

9.5% 1/15/14

1,800,000

2,104,200

11% 1/14/13

3,220,000

3,936,450

11.5% 1/23/12

1,675,000

2,040,150

11.75% 6/15/10

1,940,000

2,270,770

11.875% 1/15/30

2,740,000

4,209,325

14% 1/19/11

TRY

1,140,000

727,926

TOTAL TURKEY

24,358,626

Ukraine - 1.3%

City of Kiev 8.75% 8/8/08

1,150,000

1,190,250

Ukraine Government:

(Reg. S) 6.875% 3/4/11

460,000

475,548

Government Obligations - continued

Principal
Amount (d)

Value

Ukraine - continued

Ukraine Government: - continued

7.65% 6/11/13 (Reg. S)

$ 1,270,000

$ 1,375,728

8.775% 8/5/09 (g)

700,000

743,750

TOTAL UKRAINE

3,785,276

United States of America - 2.0%

U.S. Treasury Bonds 4.75% 2/15/37

6,105,000

6,009,609

Uruguay - 1.7%

Uruguay Republic:

7.625% 3/21/36

1,295,000

1,427,738

7.875% 1/15/33 pay-in-kind

1,226,100

1,388,558

8% 11/18/22

1,525,000

1,730,875

9.25% 5/17/17

395,000

482,888

TOTAL URUGUAY

5,030,059

Venezuela - 4.7%

Venezuelan Republic:

oil recovery rights 4/15/20 (i)

21,255

770,494

6% 12/9/20

1,490,000

1,371,545

6.36% 4/20/11 (g)

2,380,000

2,363,340

7% 12/1/18 (Reg. S)

735,000

748,230

7.65% 4/21/25

545,000

577,700

8.5% 10/8/14

2,250,000

2,505,375

9.375% 1/13/34

1,470,000

1,895,565

10.75% 9/19/13

1,335,000

1,628,700

13.625% 8/15/18

1,635,000

2,419,800

TOTAL VENEZUELA

14,280,749

Vietnam - 0.3%

Vietnamese Socialist Republic 6.875% 1/15/16 (f)

965,000

1,037,375

TOTAL GOVERNMENT OBLIGATIONS

(Cost $209,419,668)

225,099,949

Common Stocks - 0.5%

Shares

Bermuda - 0.0%

APP China Group Ltd. (a)(d)

11,376

56,880

India - 0.1%

Nagarjuna Construction Co. Ltd.

33,600

124,220

Common Stocks - continued

Shares

Value

Philippines - 0.1%

Jollibee Food Corp.

364,800

$ 413,124

Turkey - 0.3%

Acibadem Saglik Hizmetleri AS

41,000

459,483

Coca-Cola Icecek AS

43,000

345,977

Tupras-Turkiye Petrol Rafinerileri AS

9,000

200,431

TOTAL TURKEY

1,005,891

TOTAL COMMON STOCKS

(Cost $1,947,722)

1,600,115

Convertible Preferred Stocks - 0.3%

United States of America - 0.3%

Freeport-McMoRan Copper & Gold, Inc. 6.75%
(Cost $759,484)

7,500

802,031

Preferred Securities - 3.5%

Principal
Amount (d)

CONSUMER DISCRETIONARY - 1.3%

Media - 1.3%

Globo Comunicacoes e Participacoes SA 9.375%

$ 2,905,000

3,030,937

Net Servicos de Comunicacao SA 9.25% (f)

735,000

759,574

3,790,511

ENERGY - 2.2%

Oil, Gas & Consumable Fuels - 2.2%

Pemex Project Funding Master Trust 7.75%

6,470,000

6,723,183

TOTAL PREFERRED SECURITIES

(Cost $10,357,336)

10,513,694

Money Market Funds - 2.7%

Shares

Fidelity Cash Central Fund, 5.41% (b)
(Cost $8,081,707)

8,081,707

8,081,707

Purchased Options - 0.1%

Expiration Date/Strike Price

Underlying Face Amount

Value

Argentina - 0.1%

Lehman Brothers Holdings, Inc. Call Option on $8,590,000 notional amount of
Argentine Republic Gross Domestic Product Linked Security 12/15/35

March 2008/
$13.85

$ 1,182,843

$ 169,223

Venezuela - 0.0%

Lehman Brothers Holdings, Inc. Call Option on $5,505,000 notional amount of
Venezuelan Republic 9.25% 9/15/27

April 2007/
$125.55

6,908,775

62,207

TOTAL PURCHASED OPTIONS

(Cost $238,895)

231,430

TOTAL INVESTMENT PORTFOLIO - 98.6%

(Cost $283,085,109)

298,483,898

NET OTHER ASSETS - 1.4%

4,199,050

NET ASSETS - 100%

$ 302,682,948

Security Type Abbreviation

FLIRB - Front Loaded Interest
Reduction Bonds

Currency Abbreviations

ARS

-

Argentine peso

BRL

-

Brazilian real

COP

-

Colombian peso

EUR

-

European Monetary Unit

LKR

-

Sri Lankan rupee

PEN

-

Peruvian new sol

RUB

-

Russian ruble

TRY

-

New Turkish Lira

Legend

(a) Non-income producing

(b) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request.

(c) Non-income producing - Issuer is in default.

(d) Principal amount is stated in United States dollars unless otherwise noted.

(e) Security initially issued at one coupon which converts to a higher coupon at a specified date. The rate shown is the rate at period end.

(f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $37,598,443 or 12.4% of net assets.

(g) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(h) Security is linked to Argentine Republic Gross Domestic Product (GDP). Security does not pay principal over life of security or at expiration. Payments are based on growth of Argentine GDP, subject to certain conditions.

(i) Quantity represents share amount.

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Cash Central Fund

$ 116,097

Income Tax Information

At March 31, 2007, the aggregate cost of investment securities for income tax purposes was $283,371,260. Net unrealized appreciation aggregated $15,112,638, of which $17,873,787 related to appreciated investment securities and $2,761,149 related to depreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotations are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Equity securities, including restricted securities, for which market quotations are readily available, are valued at the last reported sale price or official closing price as reported by an independent pricing service on the primary market or exchange on which they are traded. In the event there were no sales during the day or closing prices are not available, securities are valued at the last quoted bid price. Exchange-traded options are valued using the last sale price or, in the absence of a sale, the last offering price. Options traded over-the-counter are valued using dealer-supplied valuations. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please visit advisor.fidelity.com or call Fidelity at 1-877-208-0098 for a free copy of the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Advisor Series VIII's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Advisor Series VIII

By:

/s/Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

May 30, 2007

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/ Kimberley Monasterio

Kimberley Monasterio

President and Treasurer

Date:

May 30, 2007

By:

/s/Joseph B. Hollis

Joseph B. Hollis

Chief Financial Officer

Date:

May 30, 2007